How are entrepreneurs made? Will your child become a business owner one day? Let’s face it, there are business owners, and there are lousy business owners. Not everyone is cut from the same cloth when it comes to business, finance and other important managerial type matters.
When it comes to business, you can have passion and drive to want a business to thrive, but not understanding the ins and outs of a business, you’re going to need help. Where does this all start? How does someone learn to be good with money, or good at making decisions?
It starts when parents teach their children about savings, about spending, and about decision making. These things start when we’re kids. You need to learn about things like credit, about spending, and about saving up for that something special. When you learn these things, you then progress to the next level when you start learning to handle credit. Each step can take you closer to business.
Let’s talk about savings. When we’re teaching a child about savings, a great way to do that is to create a savings account for your child. They can learn to put some of their birthday or holiday money away, while spending some. Getting your child into the habit of saving early, makes it an easier pattern to follow as they mature. As your child starts to mature, they’ll be making goals, and one of those important goals is college. Showing your child how money adds up to save for college is showing them how having a safe place for the money to grow.
Let’s look at IceSave for example; you can get up to 6.3% headline interest rate right now. That’s a full percent over another bank called First Trust Bank. While 1% doesn’t sound like a lot to a child learning to save money, showing them what it means in numbers helps it make more sense. For example, if you were to have $100 to deposit, you would see $106 with interest at one back, where you would only see $105 at the other. Now, take those numbers higher, and you’ll see where it will grab your child’s attention. If you deposit $1000, now the difference is more. All ready you’re seeing $1060 versus $1050. In taking the time to show how interest works, it helps them understand why it’s better to go with a bank that offers more interest, such as IceSave. I made those numbers very basic for a point, and at the IceSave bank, you need to open an account with 250 pounds. You can read more details about IceSave Savings here.
A few other requirements you may want to be aware of, is their minimum age for an account is 18. There’s no area restrictions or restricted availability. You also have a choice on interest payment with their savings account. The best part is transactions are handled by the internet, which makes for an easier process. You can also find fixed accounts with different terms, as well as regular individual savings account.
By you starting your children’s savings account and helping them contribute to it, you’re teaching them important lessons they’ll need later in life. Let your child be prepared both financially for important things like college, but also for money lessons. And best of all, if you’re child ends up being a business person, they’ll take those important financial lessons they learned with them, and make better choices for their business finances as well.
*disclosure – sponsored
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